The Bascom Group has received $21.6 million from Apartment Ventures for Fifty 101, a 90-unit multifamily property in West Las Vegas. That equates to nearly $250,000 per unit. Cushman & Wakefield advised the seller.
The asset last changed hands in 2016, when The Bascom Group paid $9.1 million to a private investor for the 1989-built property, Yardi Matrix data shows.
Fifty 101 encompasses seven two-story buildings on more than 4 acres at 5101 O’Bannon Drive. The unit mix offers one-, two- and three-bedroom floorplans averaging 970 square feet. Common-area amenities include a gym, swimming pool, coworking area and pet park.
Located next to a large office and retail area along West Sahara Avenue, the community is less than 6 miles west of downtown Las Vegas.
The Cushman & Wakefield Las Vegas team that arranged the sale on behalf of The Bascom Group included Senior Director Taylor Sims, Executive Director Carl Sims and Senior Associate Brady Cleary.
The former owner made extensive capital improvements, including upgrades to the common areas and several apartments. The recent renovations, as well as Fifty 101’s location in a strong-performing multifamily market, made for a quick and smooth transaction, Cushman & Wakefield’s Taylor Sims said in prepared remarks.
In July, The Bascom Group expanded its already significant Las Vegas footprint with a three-property portfolio acquisition. The company paid $72 million to Prism Multifamily Group for Spectra at 4000, Spectra East and Spectrum at Katie.
Las Vegas’ strong comeback
Las Vegas rents were up an unprecedented 19.2 percent year-over-year through August, according to a recent Yardi Matrix report, the third-highest rate among major metros after Phoenix (22.0 percent) and Tampa (20.2 percent). Las Vegas also registered the highest month-over-month rent hike nationwide, up 3.3 percent since July.
Despite being particularly affected by last year’s economic downturn, Las Vegas’ strong in-migration and the reopening of its casinos and restaurants made for a swift recovery of its multifamily sector. Strong residential demand pushed occupancy above 96.4 percent as of July.